Vintage pendant in obsidian and 18K gold. I believe it was intended to represent an African princess. This is because her outfit and a gold hairpiece with pearls and a ruby are done in an 18K gold and the whole image represents nobility. The image is carved most likely out of obsidian and is very delicately carved with nice proportions. The piece is 40mm high which is just over 1.5 inches. 26.5mm wide at the bottom (1 inch).
Pieces such as this one were mostly done in Italy starting in 1920s and became popular in the 1930s to 1960s. The nicer ones such as this one are quite pricey. I think the stone is drilled through and a gold rod extends from the top bale part all the way to the bottom where it is threaded and secured with a round nut. Although there is some controversy about using these images as being racist in some eyes I only see this piece as a celebration of African beauty and very tastefully done.
Below is a link to an auction in 2015 showing a very similar pendant:
Our price $3000.